USDJPY over the past week has been in a strong uptrend. It appears it may be time to see a correction, slightly towards the downside. Awaiting testing of the red trend line drawn. Upon this, looking to open a short position and take profit at the 0.382 Fib level. Stops are tight in case this idea is invalidated. RSI (14 period) further supports the possible downside move as it approaches the overbought region.
This is just technical analysis. Do not follow this trade blindly!
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
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Operación cerrada: objetivo alcanzado
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Comentarios
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Missed TP by a few pips to be exact. Now reversal is in play.
Hi. Prior to this post, I took a position just after seeing bullish engulfing on the daily chart. Also note, the break in structure formed an inverse head and shoulder, that should have given you an indication along with the bullish engulfing trigger that the bulls are out to play. Market hit around 107.00 on both occasions. If it cannot go any lower, well you know where its headed ;) Not sure if it helped, but have a look at those indicators.
TheFinancialTRDR
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@Robin199466, Thanks for your feedback, I see where you are coming from.
Resistance region around 109.150 & 109.070 seems to be a challenge for this pair.
I moved up stop loss to entry anyway - I think we should see a downside push coming hopefully. I entered at 109.200 but I think I could have entered slightly higher.